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Law in Bulgaria - Legal tips info@ooyes.net (Web Design and Outsourcing) Content Menagement System Ooyes CMS (http://www.ooyes.net) http://www.rssboard.org/rss-specification Sat, 06 Jun 2020 14:38:09 +0000 61 info@solicitorbulgaria.com (SolicitorBulgaria) Copyright Solicitorbulgaria.com - SOLICITOR LTD Legal articles and news about Bulgarian Law and Business - It is virtually impossible for the average person to maintain a good understanding of their legal rights in every given situation. Police training programs spend months teaching their future officers about the law, and even they need to look up certain st http://web.solicitorbulgaria.com/index.php Should I do something else after the notary purchase of my Bulgarian real estate? info@solicitorbulgaria.com (SolicitorBulgaria) • First of all, within 7 days from the date of purchase you or your representative shall file an application for your Bulstat registration as a foreign owner of a Bulgarian real estate with the local Bulstat register. There is a temporary Bulstat certificate issued by the Bulstat register for a month or two which is afterwards replaced by a plastic Bulstat card. Your Bulstat number is actually your tax number under which you will be registered as a foreign owner of a Bulgarian real estate and pay the property taxes. Please, note that this is often overlooked by non-professionals representing property Buyers and leads to financial penalties for the property Buyers failing to register with the Bulstat register on time.• Therefore, within 2 months from the date of purchase you or your representative shall file a tax declaration with the local tax authority declaring the acquiring of the ownership rights. Once again, in numerous cases those actions are not performed in a timely manner… For more information visit http://www.solicitorbulgaria.com id: 232 - First of all, within 7 days from the date of purchase you or your representative shall file an application for your Bulstat registration as a foreign owner of a Bulgarian real estate with the local Bulstat register. There is a temporary Bulstat certificate issued by the Bulstat register for a month or two which is afterwards replaced by a plastic Bulstat card. Your Bulstat number is actually your tax number under which you will be registered as a foreign owner of a Bulgarian real estate and pay the property taxes. Please, note that this is often overlooked by non-professionals representing property Buyers and leads to financial penalties for the property Buyers failing to register with the Bulstat register on time. - Therefore, within 2 months from the date of purchase you or your representative shall file a tax declaration with the local tax authority declaring the acquiring of the ownership rights. Once again, in numerous cases those actions are not performed in a timely manner which leads to financial penalties on behalf of the Bulgarian Tax Office towards the unsuspecting property Buyers. - For more information visit www.solicitorbulgaria.com id: 232 Fri, 09 May 2008 07:17:11 +0000 http://web.solicitorbulgaria.com/index.php/should-i-do-something-else-after-the-notary-purchase-of-my-bulgarian-real-estate http://web.solicitorbulgaria.com/index.php/should-i-do-something-else-after-the-notary-purchase-of-my-bulgarian-real-estate EUR http://web.solicitorbulgaria.com/index.php/should-i-do-something-else-after-the-notary-purchase-of-my-bulgarian-real-estate legal 80 negotiable Could I calculate my notary expenses approximately? info@solicitorbulgaria.com (SolicitorBulgaria) You would not be able to calculate your notary expenses without a consultation with a professional (solicitor, real estate broker or notary public). The main expenses for a notary transfer of a Bulgarian real estate are as follows: • Local tax (payable to the municipality) - between 2% and 4% of the total purchase price appearing on the notary deed depending on the municipality where the property is located and the notary deal is held• Notary fee (payable to the notary public) - up to 3000 Bulgarian leva depending on the Bulgarian equivalent of the total purchase price• Registry fee (payable to the Registry agency) - 0,1% of the Bulgarian equivalent of the total purchase price• Some incidental additional expenses would appear with regard to the notary transfer such as: notary fees for notarization and apostillization of powers of attorney and declarations (if you don't attend personally at the deal), notary fees for certification of some additional copies of documents, bank commissions… For more information visit http://www.solicitorbulgaria.com id: 231 You would not be able to calculate your notary expenses without a consultation with a professional (solicitor, real estate broker or notary public). The main expenses for a notary transfer of a Bulgarian real estate are as follows: - Local tax (payable to the municipality) - between 2% and 4% of the total purchase price appearing on the notary deed depending on the municipality where the property is located and the notary deal is held - Notary fee (payable to the notary public) - up to 3000 Bulgarian leva depending on the Bulgarian equivalent of the total purchase price - Registry fee (payable to the Registry agency) - 0,1% of the Bulgarian equivalent of the total purchase price - Some incidental additional expenses would appear with regard to the notary transfer such as: notary fees for notarization and apostillization of powers of attorney and declarations (if you don't attend personally at the deal), notary fees for certification of some additional copies of documents, bank commissions for transfer of funds, bank commissions for currency exchange, fee of certified translator (if you attend personally at the deal and do not speak Bulgarian language), Bulstat registrations, post courier services - Legal and brokerage fee - as stipulated between you and your solicitor or real estate broker. Please, note that you should ask for receipts for all of the above-mentioned expenses as well a detailed report what was spent on your behalf. - For more information visit www.solicitorbulgaria.com id: 231 Fri, 09 May 2008 07:10:30 +0000 http://web.solicitorbulgaria.com/index.php/could-i-calculate-my-notary-expenses-approximately http://web.solicitorbulgaria.com/index.php/could-i-calculate-my-notary-expenses-approximately EUR http://web.solicitorbulgaria.com/index.php/could-i-calculate-my-notary-expenses-approximately legal 80 negotiable Who pays the notary expenses for transfer of Bulgarian real estate? info@solicitorbulgaria.com (SolicitorBulgaria) The parties could stipulate in the Preliminary contract or otherwise the distribution of payment of notary fees and taxes between themselves. According to art. 186 of the Contracts and Obligations Act, in case of lack of other stipulation the parties should pay the notary expenses in equal parts. According to art. 45, p. 1 of the Local Fees and Taxes Act, the local tax (the heaviest notary expense) is for the Buyer. Art. 45, p. 1 of the Local Fees and Taxes Act should be considered as particular with regard to art. 186 of the Contracts and Obligations Act. Therefore, if there isn't other stipulation between the parties, they should split in equal parts the registry and notary fee. The Buyer should undertake the payment of the entire local tax. For more information visit http://www.solicitorbulgaria.com id: 230 The parties could stipulate in the Preliminary contract or otherwise the distribution of payment of notary fees and taxes between themselves. According to art. 186 of the Contracts and Obligations Act, in case of lack of other stipulation the parties should pay the notary expenses in equal parts. According to art. 45, p. 1 of the Local Fees and Taxes Act, the local tax (the heaviest notary expense) is for the Buyer. Art. 45, p. 1 of the Local Fees and Taxes Act should be considered as particular with regard to art. 186 of the Contracts and Obligations Act. Therefore, if there isn't other stipulation between the parties, they should split in equal parts the registry and notary fee. The Buyer should undertake the payment of the entire local tax. For more information visit www.solicitorbulgaria.com id: 230 Fri, 09 May 2008 07:06:56 +0000 http://web.solicitorbulgaria.com/index.php/who-pays-the-notary-expenses-for-transfer-of-bulgarian-real-estate http://web.solicitorbulgaria.com/index.php/who-pays-the-notary-expenses-for-transfer-of-bulgarian-real-estate EUR http://web.solicitorbulgaria.com/index.php/who-pays-the-notary-expenses-for-transfer-of-bulgarian-real-estate legal 80 negotiable When the foreign individuals will be allowed to purchase Bulgarian agricultural land? info@solicitorbulgaria.com (SolicitorBulgaria) According to art. 3 of the Property and Use of Agricultural Lands Act, the foreign citizens from countries - members of the EU will be entitled to acquire agricultural land after the expiration of the term provided by the EU Entry Agreement, namely 7 years from the Bulgarian entry in the EU which happened on January 1st, 2007. According to art. 3a of the Property and Use of Agricultural Lands Act the above-mentioned limitation would not apply to self-employed agricultural growers from countries - members of the EU who would like to settle and reside permanently in Bulgaria and are registered with such capacity according to the Bulgarian Bulstat Register Act. They are entitled to acquire agricultural and forestry lands for agricultural use from the date of enforcement of the EU Entry Agreement - January 1st, 2007. For more information visit http://www.solicitorbulgaria.com id: 229 According to art. 3 of the Property and Use of Agricultural Lands Act, the foreign citizens from countries - members of the EU will be entitled to acquire agricultural land after the expiration of the term provided by the EU Entry Agreement, namely 7 years from the Bulgarian entry in the EU which happened on January 1st, 2007. According to art. 3a of the Property and Use of Agricultural Lands Act the above-mentioned limitation would not apply to self-employed agricultural growers from countries - members of the EU who would like to settle and reside permanently in Bulgaria and are registered with such capacity according to the Bulgarian Bulstat Register Act. They are entitled to acquire agricultural and forestry lands for agricultural use from the date of enforcement of the EU Entry Agreement - January 1st, 2007. For more information visit www.solicitorbulgaria.com id: 229 Fri, 09 May 2008 07:03:39 +0000 http://web.solicitorbulgaria.com/index.php/when-the-foreign-individuals-will-be-allowed-to-purchase-bulgarian-agricultural-land http://web.solicitorbulgaria.com/index.php/when-the-foreign-individuals-will-be-allowed-to-purchase-bulgarian-agricultural-land EUR http://web.solicitorbulgaria.com/index.php/when-the-foreign-individuals-will-be-allowed-to-purchase-bulgarian-agricultural-land legal 80 negotiable Are there any limitations for a foreign person (individual or legal entity) to register a company in Bulgaria? info@solicitorbulgaria.com (SolicitorBulgaria) The foreign persons could carry out trade activity and invest in Bulgaria with the same conditions applied as for the Bulgarian citizens and legal entities. There are very few explicitly regulated legal exceptions. The foreign persons (individuals and legal entities) could register Bulgarian companies without any additional requirements. The Bulgarian companies registered by foreign persons are considered to be local persons. There are not any limitations that are applicable to them regarding the acquiring of real estate rights, including land ownership. The repatriation of incomes is regulated in a number of bilateral international contracts. These contracts guarantee the transfer abroad of direct incomes of trade activity in Bulgaria after payment of relevant tax as well as the received amounts with regard to termination and liquidation of the company. For more information visit http://www.solicitorbulgaria.com id: 228 The foreign persons could carry out trade activity and invest in Bulgaria with the same conditions applied as for the Bulgarian citizens and legal entities. There are very few explicitly regulated legal exceptions. The foreign persons (individuals and legal entities) could register Bulgarian companies without any additional requirements. The Bulgarian companies registered by foreign persons are considered to be local persons. There are not any limitations that are applicable to them regarding the acquiring of real estate rights, including land ownership. The repatriation of incomes is regulated in a number of bilateral international contracts. These contracts guarantee the transfer abroad of direct incomes of trade activity in Bulgaria after payment of relevant tax as well as the received amounts with regard to termination and liquidation of the company. For more information visit www.solicitorbulgaria.com id: 228 Fri, 09 May 2008 06:35:40 +0000 http://web.solicitorbulgaria.com/index.php/are-there-any-limitations-for-a-foreign-person-individual-or-legal-entity-to-register-a-company-in-bulgaria http://web.solicitorbulgaria.com/index.php/are-there-any-limitations-for-a-foreign-person-individual-or-legal-entity-to-register-a-company-in-bulgaria EUR http://web.solicitorbulgaria.com/index.php/are-there-any-limitations-for-a-foreign-person-individual-or-legal-entity-to-register-a-company-in-bulgaria legal 80 negotiable Is it possible to have my Preliminary contract terminated? info@solicitorbulgaria.com (SolicitorBulgaria) According to art. 63 of the Contracts and Obligations Act "Each of the parties to the contract should fulfil its contractual obligations punctually and conscientiously in accordance with the legal requirements and it is not to obstruct the other party to perform its contractual obligations". Before the expiration of the term of the contract, each of the parties could demand its termination because of culpable non-performance of the other party. In case of termination, there should be an official notice in writing sent from the contractually accurate to the contractually culpable party to the address for correspondence according to the Preliminary contract mentioning the reasons for termination and granting some additional term for performance of the contractual obligations. The termination will occur after the expiration of the additionally granted term and in case of non-performance in the interim period of the contractual obligations.The termination of the contract has retroactive force… For more information visit http://www.solicitorbulgaria.com id: 227 According to art. 63 of the Contracts and Obligations Act "Each of the parties to the contract should fulfil its contractual obligations punctually and conscientiously in accordance with the legal requirements and it is not to obstruct the other party to perform its contractual obligations". Before the expiration of the term of the contract, each of the parties could demand its termination because of culpable non-performance of the other party. In case of termination, there should be an official notice in writing sent from the contractually accurate to the contractually culpable party to the address for correspondence according to the Preliminary contract mentioning the reasons for termination and granting some additional term for performance of the contractual obligations. The termination will occur after the expiration of the additionally granted term and in case of non-performance in the interim period of the contractual obligations.The termination of the contract has retroactive force - just like there has never been a contract between the parties. They are obliged to refund all given for the accomplishment of the contract. "Given" might be for the Buyer the price or part of the price and for the Seller - the delivered property possession. For more information visit www.solicitorbulgaria.com id: 227 Fri, 09 May 2008 06:33:04 +0000 http://web.solicitorbulgaria.com/index.php/is-it-possible-to-have-my-preliminary-contract-terminated http://web.solicitorbulgaria.com/index.php/is-it-possible-to-have-my-preliminary-contract-terminated EUR http://web.solicitorbulgaria.com/index.php/is-it-possible-to-have-my-preliminary-contract-terminated legal 80 negotiable What should I check before the notary transfer of a real estate if I have a signed Preliminary contract? info@solicitorbulgaria.com (SolicitorBulgaria) • There is no change in the parties - individuals according to the Preliminary contract (actualization of their certificate for inheritance, research of their marital status at the moment of the notary transfer and whether the real estate is a family home or not);• The absent parties have granted powers of attorney with explicitly mentioned rights and individualization of the real estate together with notary certified personally signed declarations;• The status of the Sole trader, respectively the legal entity is actual - not terminated, liquidated or transformed;• All needed decisions (certified with Minutes of associations of all partners of legal entities) are taken accordingly with the Bulgarian legislation and company By-laws;• There is no insolvency procedure started against the Seller - legal entity;• The real estate is not already sold and there aren't any encumbrances registered on it (such as mortgages, rights of use, injunctions, specific pledges, and registered… For more information visit http://www.solicitorbulgaria.com id: 226 - There is no change in the parties - individuals according to the Preliminary contract (actualization of their certificate for inheritance, research of their marital status at the moment of the notary transfer and whether the real estate is a family home or not); - The absent parties have granted powers of attorney with explicitly mentioned rights and individualization of the real estate together with notary certified personally signed declarations; - The status of the Sole trader, respectively the legal entity is actual - not terminated, liquidated or transformed; - All needed decisions (certified with Minutes of associations of all partners of legal entities) are taken accordingly with the Bulgarian legislation and company By-laws; - There is no insolvency procedure started against the Seller - legal entity; - The real estate is not already sold and there aren't any encumbrances registered on it (such as mortgages, rights of use, injunctions, specific pledges, and registered claims). For more information visit www.solicitorbulgaria.com id: 226 Fri, 09 May 2008 06:31:49 +0000 http://web.solicitorbulgaria.com/index.php/what-should-i-check-before-the-notary-transfer-of-a-real-estate-if-i-have-a-signed-preliminary-contract http://web.solicitorbulgaria.com/index.php/what-should-i-check-before-the-notary-transfer-of-a-real-estate-if-i-have-a-signed-preliminary-contract EUR http://web.solicitorbulgaria.com/index.php/what-should-i-check-before-the-notary-transfer-of-a-real-estate-if-i-have-a-signed-preliminary-contract legal 80 negotiable What kind of complications could I expect as a Buyer at the notary transfer of a real estate if I have a signed Preliminary contract? info@solicitorbulgaria.com (SolicitorBulgaria) If the parties have a signed Preliminary contract, they are bound with its clauses. There are some cases where the Buyers end up unpleasantly surprised by the request of the Seller to have a different price on the notary deed - not the real one according to the Preliminary contract but a price based on the issued by the local tax authorities certificate for tax evaluation. In case the Buyer wants the real price on the notary deed, the Seller would agree only if additional VAT (20% on the top of the already stipulated price) is added. The higher price on the notary deed would lead to higher expenses for transfer fees and taxes, traditionally paid by the Buyer. Each Buyer should decide which notary deal would be preferable for him: the notary deal that would involve less expense and become cheaper in the end (having in mind that the declaration of false information and failure to pay taxes is considered to be a criminal offence in Bulgaria) or the notary deal that would provide more security.… For more information visit http://www.solicitorbulgaria.com id: 225 If the parties have a signed Preliminary contract, they are bound with its clauses. There are some cases where the Buyers end up unpleasantly surprised by the request of the Seller to have a different price on the notary deed - not the real one according to the Preliminary contract but a price based on the issued by the local tax authorities certificate for tax evaluation. In case the Buyer wants the real price on the notary deed, the Seller would agree only if additional VAT (20% on the top of the already stipulated price) is added. The higher price on the notary deed would lead to higher expenses for transfer fees and taxes, traditionally paid by the Buyer. Each Buyer should decide which notary deal would be preferable for him: the notary deal that would involve less expense and become cheaper in the end (having in mind that the declaration of false information and failure to pay taxes is considered to be a criminal offence in Bulgaria) or the notary deal that would provide more security. You should consider that in case of a legal eviction, the evicted Buyer could seek a refund of the amount mentioned in the notary deed, not the amount mentioned in the Preliminary contract. For more information visit www.solicitorbulgaria.com id: 225 Fri, 09 May 2008 06:29:59 +0000 http://web.solicitorbulgaria.com/index.php/what-kind-of-complications-could-i-expect-as-a-buyer-at-the-notary-transfer-of-a-real-estate-if-i-have-a-signed-preliminary-contract http://web.solicitorbulgaria.com/index.php/what-kind-of-complications-could-i-expect-as-a-buyer-at-the-notary-transfer-of-a-real-estate-if-i-have-a-signed-preliminary-contract EUR http://web.solicitorbulgaria.com/index.php/what-kind-of-complications-could-i-expect-as-a-buyer-at-the-notary-transfer-of-a-real-estate-if-i-have-a-signed-preliminary-contract legal 80 negotiable Who is entitled to notarize a signature and contents of a power of attorney for transfer of a Bulgarian real estate? info@solicitorbulgaria.com (SolicitorBulgaria) First and foremost, notarization of a signature and contents of a power of attorney for transfer of a Bulgarian real estate could be done by all Bulgarian Notaries Public of all Bulgarian court regions, regardless of the fact that the notary transfer should be done only by the location of the real estate.If you are abroad, you could have your signature and contents of a power of attorney notarized in the Bulgarian embassy or the Bulgarian Consular Department. The notarization of your signature could be done by a foreign Notary Public as well but in such case an apostille is required. For more information visit http://www.solicitorbulgaria.com id: 223 First and foremost, notarization of a signature and contents of a power of attorney for transfer of a Bulgarian real estate could be done by all Bulgarian Notaries Public of all Bulgarian court regions, regardless of the fact that the notary transfer should be done only by the location of the real estate.If you are abroad, you could have your signature and contents of a power of attorney notarized in the Bulgarian embassy or the Bulgarian Consular Department. The notarization of your signature could be done by a foreign Notary Public as well but in such case an apostille is required. For more information visit www.solicitorbulgaria.com id: 223 Fri, 09 May 2008 06:25:39 +0000 http://web.solicitorbulgaria.com/index.php/who-is-entitled-to-notarize-a-signature-and-contents-of-a-power-of-attorney-for-transfer-of-a-bulgarian-real-estate http://web.solicitorbulgaria.com/index.php/who-is-entitled-to-notarize-a-signature-and-contents-of-a-power-of-attorney-for-transfer-of-a-bulgarian-real-estate EUR http://web.solicitorbulgaria.com/index.php/who-is-entitled-to-notarize-a-signature-and-contents-of-a-power-of-attorney-for-transfer-of-a-bulgarian-real-estate legal 80 negotiable Can I have my property transferred without even coming to Bulgaria for this purpose? info@solicitorbulgaria.com (SolicitorBulgaria) Yes, you can. In practice, we often have clients who don't have the time or ability to come to Bulgaria and attend at the notary transfer of their properties. In such cases it is always better to authorize a solicitor registered with the Bulgarian Bar Association to represent you on this matter. You have to be extremely careful with the Real estate agents offering to act on your behalf as they are never motivated to defend your legal interest, not they are specialists in this legal field and understand the legal consequences of any negligence. Please, note that any powers of attorneys written by laymen are usually wider and without specific terms and often give full access to client's bank accounts, property ownership and transfer rights and company management and representation in front of the local tax offices. If you employ the legal services of a qualified solicitor, you would receive a power of attorney explicitly for your current needs.The power of attorney shall be made in the same… For more information visit http://www.solicitorbulgaria.com id: 222 Yes, you can. In practice, we often have clients who don't have the time or ability to come to Bulgaria and attend at the notary transfer of their properties. In such cases it is always better to authorize a solicitor registered with the Bulgarian Bar Association to represent you on this matter. You have to be extremely careful with the Real estate agents offering to act on your behalf as they are never motivated to defend your legal interest, not they are specialists in this legal field and understand the legal consequences of any negligence. Please, note that any powers of attorneys written by laymen are usually wider and without specific terms and often give full access to client's bank accounts, property ownership and transfer rights and company management and representation in front of the local tax offices. If you employ the legal services of a qualified solicitor, you would receive a power of attorney explicitly for your current needs.The power of attorney shall be made in the same form as the form of the deal for which it is necessary. For example, for the conclusion of the preliminary contract it is necessary the power of attorney to be in written form, for execution of a notary deal the power of attorney should be in written form and with notarized signature of the authorizer. For more information visit www.solicitorbulgaria.com id: 222 Fri, 09 May 2008 06:23:37 +0000 http://web.solicitorbulgaria.com/index.php/can-i-have-my-property-transferred-without-even-coming-to-bulgaria-for-this-purpose http://web.solicitorbulgaria.com/index.php/can-i-have-my-property-transferred-without-even-coming-to-bulgaria-for-this-purpose EUR http://web.solicitorbulgaria.com/index.php/can-i-have-my-property-transferred-without-even-coming-to-bulgaria-for-this-purpose legal 80 negotiable What are the obligatory documents needed for a notary deal for transfer of Bulgarian newly built apartment? info@solicitorbulgaria.com (SolicitorBulgaria) • Document for ownership of the plot of land;• Plan of plot of land;• Certificate for tax evaluation of the apartment;• In some areas cadastral maps of the land and the apartment;• Architectural designs of the entire building;• Table for calculation of area of the entire building;• Occupancy certificate (called in the practice Act 16, Usage certificate or Permission for use);• Certificate of good standing of the Transferor (in case the Transferor is a legal entity);• Minutes of association (in case the Transferor is a legal entity) of all partners for sale of the apartment;• Declaration of the Transferor under art. 264 of the Bulgarian Tax and Insurance Proceedings Code for absence of public duties;• Declaration of both parties under art. 25, p. 7 of the Bulgarian Notaries and Notary deeds Act for marital status and address;• Declaration under Measures Against Money Laundry Act for origin of money for deals over 30 000 (thirty thousand) Bulgarian leva;• Receipt… For more information visit http://www.solicitorbulgaria.com id: 221 - Document for ownership of the plot of land; - Plan of plot of land; - Certificate for tax evaluation of the apartment; - In some areas cadastral maps of the land and the apartment; - Architectural designs of the entire building; - Table for calculation of area of the entire building; - Occupancy certificate (called in the practice Act 16, Usage certificate or Permission for use); - Certificate of good standing of the Transferor (in case the Transferor is a legal entity); - Minutes of association (in case the Transferor is a legal entity) of all partners for sale of the apartment; - Declaration of the Transferor under art. 264 of the Bulgarian Tax and Insurance Proceedings Code for absence of public duties; - Declaration of both parties under art. 25, p. 7 of the Bulgarian Notaries and Notary deeds Act for marital status and address; - Declaration under Measures Against Money Laundry Act for origin of money for deals over 30 000 (thirty thousand) Bulgarian leva; - Receipt for paid-in property tax; - Receipts for paid-in fees and taxes for the transfer of real estate. For more information visit www.solicitorbulgaria.com id: 221 Fri, 09 May 2008 06:22:31 +0000 http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-newly-built-apartment http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-newly-built-apartment EUR http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-newly-built-apartment legal 80 negotiable What are the obligatory documents needed for a notary deal for transfer of Bulgarian off-plan or in process of construction apartment? info@solicitorbulgaria.com (SolicitorBulgaria) • Document for ownership of the plot of land;• Plan of plot of land;• Certificate for tax evaluation of the apartment;• In some areas cadastral maps of the land and the apartment;• Architectural designs of the entire building;• Table for calculation of area of the entire building;• Certificate for achieved stage "Rough building" (if the property is roughly built);• Certificate of good standing of the Transferor (in case the Transferor is a legal entity);• Minutes of association (in case the Transferor is a legal entity) of all partners for sale of the apartment;• Declaration of the Transferor under art. 264 of the Bulgarian Tax and Insurance Proceedings Code for absence of public duties;• Declaration of both parties under art. 25, p. 7 of the Bulgarian Notaries and Notary deeds Act for marital status and address;• Declaration under Measures Against Money Laundry Act for origin of money for deals over 30 000 (thirty thousand) Bulgarian leva;• Receipt for paid-in… For more information visit http://www.solicitorbulgaria.com id: 220 - Document for ownership of the plot of land; - Plan of plot of land; - Certificate for tax evaluation of the apartment; - In some areas cadastral maps of the land and the apartment; - Architectural designs of the entire building; - Table for calculation of area of the entire building; - Certificate for achieved stage "Rough building" (if the property is roughly built); - Certificate of good standing of the Transferor (in case the Transferor is a legal entity); - Minutes of association (in case the Transferor is a legal entity) of all partners for sale of the apartment; - Declaration of the Transferor under art. 264 of the Bulgarian Tax and Insurance Proceedings Code for absence of public duties; - Declaration of both parties under art. 25, p. 7 of the Bulgarian Notaries and Notary deeds Act for marital status and address; - Declaration under Measures Against Money Laundry Act for origin of money for deals over 30 000 (thirty thousand) Bulgarian leva; - Receipt for paid-in property tax; - Receipts for paid-in fees and taxes for the transfer of real estate. For more information visit www.solicitorbulgaria.com id: 220 Fri, 09 May 2008 06:20:47 +0000 http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-off-plan-or-in-process-of-construction-apartment http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-off-plan-or-in-process-of-construction-apartment EUR http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-off-plan-or-in-process-of-construction-apartment legal 80 negotiable What are the complimentary documents needed for a notary deal for transfer of Bulgarian real estate in order to minimize the Buyer’s risk? info@solicitorbulgaria.com (SolicitorBulgaria) •    Certificate for absence of encumbrances;•    Certificate for absence of restitutional claims;•    Certificate that the real estate is not municipal or government property;•    Certificate for marital status;•    Certificate for inheritance;•    Divorce certificate; •    Personal ID of the other spouse in case of sale of personal Bulgarian real estate;•    Certificate of absence of a started procedure of insolvency for the Seller or the Constructor;•    Certificate of absence of a started procedure of bankruptcy for the Seller or the Constructor. For more information visit http://www.solicitorbulgaria.com id: 219 - - - - Certificate for absence of encumbrances; - - - - Certificate for absence of restitutional claims; - - - - Certificate that the real estate is not municipal or government property; - - - - Certificate for marital status; - - - - Certificate for inheritance; - - - - Divorce certificate; - - - - Personal ID of the other spouse in case of sale of personal Bulgarian real estate; - - - - Certificate of absence of a started procedure of insolvency for the Seller or the Constructor; - - - - Certificate of absence of a started procedure of bankruptcy for the Seller or the Constructor. For more information visit www.solicitorbulgaria.com id: 219 Fri, 09 May 2008 06:18:18 +0000 http://web.solicitorbulgaria.com/index.php/what-are-the-complimentary-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-real-estate-in-order-to-minimize-the-buyers-risk http://web.solicitorbulgaria.com/index.php/what-are-the-complimentary-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-real-estate-in-order-to-minimize-the-buyers-risk EUR http://web.solicitorbulgaria.com/index.php/what-are-the-complimentary-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-real-estate-in-order-to-minimize-the-buyers-risk legal 80 negotiable What are the obligatory documents needed for a notary deal for transfer of Bulgarian real estate? info@solicitorbulgaria.com (SolicitorBulgaria) • Document for ownership;• Certificate for tax evaluation;• Plan of plot of land (for real estate including land or ideal shares of land);• Declaration of the transferor under art. 264 of the Bulgarian Tax and Insurance Proceedings Code for absence of public duties;• Declaration of both parties under art. 25, p. 7 of the Bulgarian Notaries and Notary deeds Act for marital status and address;• Declaration under Measures Against Money Laundry Act for origin of money for deals over 30 000 (thirty thousand) Bulgarian leva;• Receipt for paid-in property tax ;• Receipts for paid-in fees and taxes for the transfer of real estate. For more information visit http://www.solicitorbulgaria.com id: 215 - Document for ownership; - Certificate for tax evaluation; - Plan of plot of land (for real estate including land or ideal shares of land); - Declaration of the transferor under art. 264 of the Bulgarian Tax and Insurance Proceedings Code for absence of public duties; - Declaration of both parties under art. 25, p. 7 of the Bulgarian Notaries and Notary deeds Act for marital status and address; - Declaration under Measures Against Money Laundry Act for origin of money for deals over 30 000 (thirty thousand) Bulgarian leva; - Receipt for paid-in property tax ; - Receipts for paid-in fees and taxes for the transfer of real estate. For more information visit www.solicitorbulgaria.com id: 215 Fri, 09 May 2008 05:59:17 +0000 http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-real-estate http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-real-estate EUR http://web.solicitorbulgaria.com/index.php/what-are-the-obligatory-documents-needed-for-a-notary-deal-for-transfer-of-bulgarian-real-estate legal 80 negotiable Title deeds suspended in Turkey info@solicitorbulgaria.com (SolicitorBulgaria) Last week the Turkish Constitutional Court temporarily suspended the issuance of title deeds to foreign property buyers because it is contrary to the Turkish constitution.  The argument is about whether the Government should drop the size limitations for foreigners and foreign companies.This freeze is an inconvenience for anyone ready to complete on a property now, as they will have to wait until the new law is passed on 16th July. For more information visit http://www.solicitorbulgaria.com id: 213 Last week the Turkish Constitutional Court temporarily suspended the issuance of title deeds to foreign property buyers because it is contrary to the Turkish constitution. - The argument is about whether the Government should drop the size limitations for foreigners and foreign companies.This freeze is an inconvenience for anyone ready to complete on a property now, as they will have to wait until the new law is passed on 16th July. For more information visit www.solicitorbulgaria.com id: 213 Tue, 06 May 2008 02:10:02 +0000 http://web.solicitorbulgaria.com/index.php/title-deeds-suspended-in-turkey http://web.solicitorbulgaria.com/index.php/title-deeds-suspended-in-turkey http://web.solicitorbulgaria.com/static2//userfiles/Image/_articles/256/pic_title_deed.jpg EUR http://web.solicitorbulgaria.com/index.php/title-deeds-suspended-in-turkey legal 80 negotiable What is the meaning of guarantees according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of guarantees according to the Bulgarian law? “Guarantees” - Corporate guarantees are not governed by the Bulgarian law. Therefore, this security instrument is used mainly when issued by banks. In case of companies or individuals instead of guarantee promissory note is used being out-of-court ground for issuance of writ of execution. For more information visit http://www.solicitorbulgaria.com id: 139 What is the meaning of guarantees according to the Bulgarian law? Guarantees - Corporate guarantees are not governed by the Bulgarian law. Therefore, this security instrument is used mainly when issued by banks. In case of companies or individuals instead of guarantee promissory note is used being out-of-court ground for issuance of writ of execution. For more information visit www.solicitorbulgaria.com id: 139 Thu, 20 Dec 2007 05:11:10 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-guarantees-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-guarantees-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-guarantees-according-to-the-bulgarian-law legal 80 negotiable What is assignment of a right of ownership? info@solicitorbulgaria.com (SolicitorBulgaria) What is assignment of a right of ownership? “Assignment of a right of ownership” - Assignment of the right of ownership from the debtor to the creditor is not regulated by the Bulgarian law. There is similar mechanism namely – the transfer of ownership with a back purchase option, however it is allowed only in relations between merchants. For more information visit http://www.solicitorbulgaria.com id: 151 What is assignment of a right of ownership? Assignment of a right of ownership - Assignment of the right of ownership from the debtor to the creditor is not regulated by the Bulgarian law. There is similar mechanism namely the transfer of ownership with a back purchase option, however it is allowed only in relations between merchants. For more information visit www.solicitorbulgaria.com id: 151 Thu, 20 Dec 2007 05:33:32 +0000 http://web.solicitorbulgaria.com/index.php/what-is-assignment-of-a-right-of-ownership http://web.solicitorbulgaria.com/index.php/what-is-assignment-of-a-right-of-ownership EUR http://web.solicitorbulgaria.com/index.php/what-is-assignment-of-a-right-of-ownership legal 80 negotiable What is right of retention? info@solicitorbulgaria.com (SolicitorBulgaria) What is right of retention? “Right of retention” - The right of retention is governed by the Commercial Act and the Contracts and Obligations Act.There are no specific regulations with respect to the right of retention in case of lease relation. Generally, the landlord has no right of retention with respect to the movable assets of the tenant as a security for the payment of the lease price or any other receivable related to the lease relation. For more information visit http://www.solicitorbulgaria.com id: 150 What is right of retention? Right of retention - The right of retention is governed by the Commercial Act and the Contracts and Obligations Act.There are no specific regulations with respect to the right of retention in case of lease relation. Generally, the landlord has no right of retention with respect to the movable assets of the tenant as a security for the payment of the lease price or any other receivable related to the lease relation. For more information visit www.solicitorbulgaria.com id: 150 Thu, 20 Dec 2007 05:32:40 +0000 http://web.solicitorbulgaria.com/index.php/what-is-right-of-retention http://web.solicitorbulgaria.com/index.php/what-is-right-of-retention EUR http://web.solicitorbulgaria.com/index.php/what-is-right-of-retention legal 80 negotiable What is mortgage? info@solicitorbulgaria.com (SolicitorBulgaria) What is mortgage? “Mortgage” - A mortgage is created on the basis of a notary deed. Mortgages on real property, flats or non-residential premises are subject to registration with the localrecordation office. The mortgage notary deed has to be submitted for registration with the recordation office not later than 3 pm of the date of its execution by the parties before notary public. The process of recordation requires not more than 3 working days. The rank of the mortgage depends on the date and time of the application for registration with the recordation office. This rank cannot be altered by contractual agreement. For more information visit http://www.solicitorbulgaria.com id: 149 What is mortgage? Mortgage - A mortgage is created on the basis of a notary deed. Mortgages on real property, flats or non-residential premises are subject to registration with the localrecordation office. The mortgage notary deed has to be submitted for registration with the recordation office not later than 3 pm of the date of its execution by the parties before notary public. The process of recordation requires not more than 3 working days. The rank of the mortgage depends on the date and time of the application for registration with the recordation office. This rank cannot be altered by contractual agreement. For more information visit www.solicitorbulgaria.com id: 149 Thu, 20 Dec 2007 05:31:54 +0000 http://web.solicitorbulgaria.com/index.php/what-is-mortgage http://web.solicitorbulgaria.com/index.php/what-is-mortgage EUR http://web.solicitorbulgaria.com/index.php/what-is-mortgage legal 80 negotiable What is VAT? info@solicitorbulgaria.com (SolicitorBulgaria) What is VAT? “VAT” - The VAT rate is 20%. According to the VAT Act transactions involving development land are VAT taxable except when the transaction concerns land adjacent to used buildings. In general, land transactions and limited real property rights over land transactions are supplies free from VAT. For the purposes of VAT Act “land” is defined as agricultural land, farming land, woodland and forest. However, the seller is free to elect such transaction as VAT assessable. The establishment of right of construction is considered VAT exempted until the completion of the basic construction. Transactions involving used buildings or their parts are VAT exempt. What is the meaning of capital gains according to the Bulgarian law? “Capital gains” - Capital gains arising from the sale of land and buildings are taxed at the usual corporate tax rate of 10%. If the capital gain is realised by a foreign legal entity the respective double taxation treaty should be checked. For more information visit http://www.solicitorbulgaria.com id: 148 What is VAT? VAT - The VAT rate is 20%. According to the VAT Act transactions involving development land are VAT taxable except when the transaction concerns land adjacent to used buildings. In general, land transactions and limited real property rights over land transactions are supplies free from VAT. For the purposes of VAT Act land is defined as agricultural land, farming land, woodland and forest. However, the seller is free to elect such transaction as VAT assessable. The establishment of right of construction is considered VAT exempted until the completion of the basic construction. Transactions involving used buildings or their parts are VAT exempt. What is the meaning of capital gains according to the Bulgarian law? Capital gains - Capital gains arising from the sale of land and buildings are taxed at the usual corporate tax rate of 10%. If the capital gain is realised by a foreign legal entity the respective double taxation treaty should be checked. For more information visit www.solicitorbulgaria.com id: 148 Thu, 20 Dec 2007 05:31:13 +0000 http://web.solicitorbulgaria.com/index.php/what-is-vat http://web.solicitorbulgaria.com/index.php/what-is-vat EUR http://web.solicitorbulgaria.com/index.php/what-is-vat legal 80 negotiable What is land revenue tax? info@solicitorbulgaria.com (SolicitorBulgaria) What is land revenue tax? “Land revenue tax” - There is no land revenue tax in Bulgaria. For more information visit http://www.solicitorbulgaria.com id: 147 What is land revenue tax? Land revenue tax - There is no land revenue tax in Bulgaria. For more information visit www.solicitorbulgaria.com id: 147 Thu, 20 Dec 2007 05:30:15 +0000 http://web.solicitorbulgaria.com/index.php/what-is-land-revenue-tax http://web.solicitorbulgaria.com/index.php/what-is-land-revenue-tax EUR http://web.solicitorbulgaria.com/index.php/what-is-land-revenue-tax legal 80 negotiable What is the meaning of exemptions of payment of property tax? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of exemptions of payment of property tax? “Exemptions of payment of property tax” - No local taxes are levied upon agricultural lands and forests, except in case the latter are developed. Further, real property with a tax evaluation up to BGN 1,680 is exempt from local real property tax. Local real property tax is due on new buildings from the month following the month ofcompletion of the building or its operation. For more information visit http://www.solicitorbulgaria.com id: 146 What is the meaning of exemptions of payment of property tax? Exemptions of payment of property tax - No local taxes are levied upon agricultural lands and forests, except in case the latter are developed. Further, real property with a tax evaluation up to BGN 1,680 is exempt from local real property tax. Local real property tax is due on new buildings from the month following the month ofcompletion of the building or its operation. For more information visit www.solicitorbulgaria.com id: 146 Thu, 20 Dec 2007 05:29:22 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-exemptions-of-payment-of-property-tax http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-exemptions-of-payment-of-property-tax EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-exemptions-of-payment-of-property-tax legal 80 negotiable When is payment of the property tax? info@solicitorbulgaria.com (SolicitorBulgaria) When is payment of the property tax? “Payment of the property tax” - The real property tax is payable in four equal instalments until 1st February, until 31st March; until 30th June; until 30th September and until 30th November of the year for which the tax is due. For more information visit http://www.solicitorbulgaria.com id: 145 When is payment of the property tax? Payment of the property tax - The real property tax is payable in four equal instalments until 1st February, until 31st March; until 30th June; until 30th September and until 30th November of the year for which the tax is due. For more information visit www.solicitorbulgaria.com id: 145 Thu, 20 Dec 2007 05:28:19 +0000 http://web.solicitorbulgaria.com/index.php/when-is-payment-of-the-property-tax http://web.solicitorbulgaria.com/index.php/when-is-payment-of-the-property-tax EUR http://web.solicitorbulgaria.com/index.php/when-is-payment-of-the-property-tax legal 80 negotiable What is property tax? info@solicitorbulgaria.com (SolicitorBulgaria) What is property tax? “Property tax” - The owners or the users of real property have to pay: local property tax at a rate of 0.15 % of the annual tax evaluation of the real propertylocal household waste fee, the rate of which is determined on an annual base by the respective town / municipal council. For more information visit http://www.solicitorbulgaria.com id: 144 What is property tax? Property tax - The owners or the users of real property have to pay: local property tax at a rate of 0.15 % of the annual tax evaluation of the real propertylocal household waste fee, the rate of which is determined on an annual base by the respective town / municipal council. For more information visit www.solicitorbulgaria.com id: 144 Thu, 20 Dec 2007 05:26:56 +0000 http://web.solicitorbulgaria.com/index.php/what-is-property-tax http://web.solicitorbulgaria.com/index.php/what-is-property-tax EUR http://web.solicitorbulgaria.com/index.php/what-is-property-tax legal 80 negotiable What is the meaning of land registry fees? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of land registry fees? “Land registry fees” - The charge for registration into the land registry held by the recordation office is 0.1% fee based on the purchase price agreed between the parties or estimated according to the tax evaluation of the property, whichever is higher. For more information visit http://www.solicitorbulgaria.com id: 143 What is the meaning of land registry fees? Land registry fees - The charge for registration into the land registry held by the recordation office is 0.1% fee based on the purchase price agreed between the parties or estimated according to the tax evaluation of the property, whichever is higher. For more information visit www.solicitorbulgaria.com id: 143 Thu, 20 Dec 2007 05:16:00 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-land-registry-fees http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-land-registry-fees EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-land-registry-fees legal 80 negotiable What is transfer tax? info@solicitorbulgaria.com (SolicitorBulgaria) What is transfer tax? “Transfer tax” - The sale of property is generally subject to transfer tax. Transfer tax is levied at a rate of 2% of the purchase price agreed between the parties or estimate according to the tax evaluation of the property, whichever is higher. Generally, the transferee has the legal obligation to pay the tax, unless the parties have agreed to share the tax. The tax should be paid on the day of execution of the notary deed. The payment is condition precedent for the registration of the transaction with the recordation office. The following sales of real property are exempt from transfer tax: the property is contributed to the share capital of a company by means of contribution inkind. In such a case the specific procedure provided for in the Bulgarian Commercial Act has to be observed and a notary deed should not be draftedthe property is transferred between two companies pursuant to a merger, a de-merger or a partial business transfer For more information visit http://www.solicitorbulgaria.com id: 142 What is transfer tax? Transfer tax - The sale of property is generally subject to transfer tax. Transfer tax is levied at a rate of 2% of the purchase price agreed between the parties or estimate according to the tax evaluation of the property, whichever is higher. Generally, the transferee has the legal obligation to pay the tax, unless the parties have agreed to share the tax. The tax should be paid on the day of execution of the notary deed. The payment is condition precedent for the registration of the transaction with the recordation office. The following sales of real property are exempt from transfer tax: the property is contributed to the share capital of a company by means of contribution inkind. In such a case the specific procedure provided for in the Bulgarian Commercial Act has to be observed and a notary deed should not be draftedthe property is transferred between two companies pursuant to a merger, a de-merger or a partial business transfer For more information visit www.solicitorbulgaria.com id: 142 Thu, 20 Dec 2007 05:15:18 +0000 http://web.solicitorbulgaria.com/index.php/what-is-transfer-tax http://web.solicitorbulgaria.com/index.php/what-is-transfer-tax EUR http://web.solicitorbulgaria.com/index.php/what-is-transfer-tax legal 80 negotiable What is a legal fee? info@solicitorbulgaria.com (SolicitorBulgaria) What is a legal fee? “Legal fees” - There are no statutory restrictions on legal fees. For more information visit http://www.solicitorbulgaria.com id: 141 What is a legal fee? Legal fees - There are no statutory restrictions on legal fees. For more information visit www.solicitorbulgaria.com id: 141 Thu, 20 Dec 2007 05:14:27 +0000 http://web.solicitorbulgaria.com/index.php/what-is-a-legal-fee http://web.solicitorbulgaria.com/index.php/what-is-a-legal-fee EUR http://web.solicitorbulgaria.com/index.php/what-is-a-legal-fee legal 80 negotiable What is the meaning of notary fees? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of notary fees? “Notary fees” - The amount of the notary fee is calculated on the basis of the transaction value. The maximum notary fee cannot exceed BGN 3,000 (approximately EUR 1,500). Depending on whether the notary is VAT registered, VAT could apply. For more information visit http://www.solicitorbulgaria.com id: 140 What is the meaning of notary fees? Notary fees - The amount of the notary fee is calculated on the basis of the transaction value. The maximum notary fee cannot exceed BGN 3,000 (approximately EUR 1,500). Depending on whether the notary is VAT registered, VAT could apply. For more information visit www.solicitorbulgaria.com id: 140 Thu, 20 Dec 2007 05:13:08 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-notary-fees http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-notary-fees EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-notary-fees legal 80 negotiable What is the meaning of limitations on acquisitions of properties? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of limitations on acquisitions of properties? “Limitations on acquisitions of properties” - Before the accession of Bulgaria to the EU ownership of land could only be acquired by Bulgarian citizens and companies duly registered in Bulgaria. Bulgarian companies 100% owned by foreign entities or individuals were entitled to acquire land as Bulgarian entities. Foreigners and foreign entities had limited property rights (right of construction, right of use) and could obtain ownership over buildings. In fulfilment of Bulgaria’s obligations under the EU Accession Agreement and the Protocol for the transitional measures, respective amendments were made to the Bulgarian Constitution. Since 1st January 2007, foreigners and foreign entities are entitled to acquire ownership rights over land in the following cases: under the terms and conditions related to the EU accessionon the grounds of international agreements and treaties, duly ratified, promulgated and enteredinto… For more information visit http://www.solicitorbulgaria.com id: 138 What is the meaning of limitations on acquisitions of properties? Limitations on acquisitions of properties - Before the accession of Bulgaria to the EU ownership of land could only be acquired by Bulgarian citizens and companies duly registered in Bulgaria. Bulgarian companies 100% owned by foreign entities or individuals were entitled to acquire land as Bulgarian entities. Foreigners and foreign entities had limited property rights (right of construction, right of use) and could obtain ownership over buildings. In fulfilment of Bulgaria s obligations under the EU Accession Agreement and the Protocol for the transitional measures, respective amendments were made to the Bulgarian Constitution. Since 1st January 2007, foreigners and foreign entities are entitled to acquire ownership rights over land in the following cases: under the terms and conditions related to the EU accessionon the grounds of international agreements and treaties, duly ratified, promulgated and enteredinto forcein cases provided by the law of inheritance Bulgaria, however, is entitled to restrict the acquisition of land for second homes of EU citizens and EU entities for a 5-year period from the date of the accession; that is until 1st January 2012. This restriction is not applicable with respect to EU citizens with a duly issued resident permit. An EU citizen with a duly issued resident permit is entitled to freely acquire ownership over land. For more information visit www.solicitorbulgaria.com id: 138 Thu, 20 Dec 2007 05:10:34 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-limitations-on-acquisitions-of-properties http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-limitations-on-acquisitions-of-properties EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-limitations-on-acquisitions-of-properties legal 80 negotiable What is acquisition of property? info@solicitorbulgaria.com (SolicitorBulgaria) What is acquisition of property? “Acquisition of a property” - Property in private ownership is acquired through an acquisition agreement in form of a notary deed. The deed is signed between the parties before a notary public. State or municipal real property is acquired by virtue of a written contract. The respective title documents (being a notary deed or written contract) are subject to registration with the recordation office at the recordation agency. For more information visit http://www.solicitorbulgaria.com id: 137 What is acquisition of property? Acquisition of a property - Property in private ownership is acquired through an acquisition agreement in form of a notary deed. The deed is signed between the parties before a notary public. State or municipal real property is acquired by virtue of a written contract. The respective title documents (being a notary deed or written contract) are subject to registration with the recordation office at the recordation agency. For more information visit www.solicitorbulgaria.com id: 137 Thu, 20 Dec 2007 05:09:41 +0000 http://web.solicitorbulgaria.com/index.php/what-is-acquisition-of-property http://web.solicitorbulgaria.com/index.php/what-is-acquisition-of-property EUR http://web.solicitorbulgaria.com/index.php/what-is-acquisition-of-property legal 80 negotiable What is the meaning of ownership rights according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of ownership rights according to the Bulgarian law? “Ownership rights” - Full ownership of real property is recognised under Bulgarian law. Ownership can be private or public. Further, ownership rights benefit from constitutional protection.1 Private ownership is generally inalienable. However, private properties can be subject to alienation for state and municipal needs. Such alienation must have legal grounds and the state or municipality must demonstrate that the needs could not be satisfied otherwise. In the case of alienation fair compensation must be offered to the owner of the real property. For more information visit http://www.solicitorbulgaria.com id: 136 What is the meaning of ownership rights according to the Bulgarian law? Ownership rights - Full ownership of real property is recognised under Bulgarian law. Ownership can be private or public. Further, ownership rights benefit from constitutional protection.1 Private ownership is generally inalienable. However, private properties can be subject to alienation for state and municipal needs. Such alienation must have legal grounds and the state or municipality must demonstrate that the needs could not be satisfied otherwise. In the case of alienation fair compensation must be offered to the owner of the real property. For more information visit www.solicitorbulgaria.com id: 136 Thu, 20 Dec 2007 05:09:00 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-ownership-rights-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-ownership-rights-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-ownership-rights-according-to-the-bulgarian-law legal 80 negotiable What is Notary Deed? info@solicitorbulgaria.com (SolicitorBulgaria) What is Notary Deed?"Notary Deed" means the notary deed for the sale-purchase of the Apartment between the Seller and the Buyer, which the notary shall deliver for registering before the Registry Agency immediately after its signing. For more information visit http://www.solicitorbulgaria.com id: 135 What is Notary Deed?"Notary Deed" means the notary deed for the sale-purchase of the Apartment between the Seller and the Buyer, which the notary shall deliver for registering before the Registry Agency immediately after its signing. For more information visit www.solicitorbulgaria.com id: 135 Thu, 20 Dec 2007 05:05:46 +0000 http://web.solicitorbulgaria.com/index.php/what-is-notary-deed http://web.solicitorbulgaria.com/index.php/what-is-notary-deed EUR http://web.solicitorbulgaria.com/index.php/what-is-notary-deed legal 80 negotiable What is Stage of completeness? info@solicitorbulgaria.com (SolicitorBulgaria) What is Stage of completeness?"Stage of completeness" means the stage of construction, installation and finishing works, accomplished in the Apartment, including the class of interior, furnishing and equipment, as agreed upon in the Preliminary agreement and the annexes to it concluded between the Buyer and the Seller. For more information visit http://www.solicitorbulgaria.com id: 134 What is Stage of completeness?"Stage of completeness" means the stage of construction, installation and finishing works, accomplished in the Apartment, including the class of interior, furnishing and equipment, as agreed upon in the Preliminary agreement and the annexes to it concluded between the Buyer and the Seller. For more information visit www.solicitorbulgaria.com id: 134 Thu, 20 Dec 2007 05:05:09 +0000 http://web.solicitorbulgaria.com/index.php/what-is-stage-of-completeness http://web.solicitorbulgaria.com/index.php/what-is-stage-of-completeness EUR http://web.solicitorbulgaria.com/index.php/what-is-stage-of-completeness legal 80 negotiable What is the meaning of Latent defects according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of Latent defects according to the Bulgarian law?“Latent defects” means the defects, which cannot be detected by the Buyer by way of a regular inspection of the Apartment. For more information visit http://www.solicitorbulgaria.com id: 133 What is the meaning of Latent defects according to the Bulgarian law? Latent defects means the defects, which cannot be detected by the Buyer by way of a regular inspection of the Apartment. For more information visit www.solicitorbulgaria.com id: 133 Thu, 20 Dec 2007 05:04:25 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-latent-defects-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-latent-defects-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-latent-defects-according-to-the-bulgarian-law legal 80 negotiable What is Act 16/Operation permit? info@solicitorbulgaria.com (SolicitorBulgaria) What is Act 16/Operation permit? "Act 16/Operation permit" means the certificate for entering into exploitation of the Development issued by the competent authorities after examining the completeness of the construction papers. For more information visit http://www.solicitorbulgaria.com id: 132 What is Act 16/Operation permit? "Act 16/Operation permit" means the certificate for entering into exploitation of the Development issued by the competent authorities after examining the completeness of the construction papers. For more information visit www.solicitorbulgaria.com id: 132 Thu, 20 Dec 2007 05:03:36 +0000 http://web.solicitorbulgaria.com/index.php/what-is-act-16operation-permit http://web.solicitorbulgaria.com/index.php/what-is-act-16operation-permit EUR http://web.solicitorbulgaria.com/index.php/what-is-act-16operation-permit legal 80 negotiable What is Protocol (Deed 15/Act 15)? info@solicitorbulgaria.com (SolicitorBulgaria) What is Protocol (Deed 15/Act 15)? "Protocol (Deed 15/Act 15)" means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer of the Design, the constructor, the engineer, etc., which establishes the suitability of the site to be accepted. For more information visit http://www.solicitorbulgaria.com id: 131 What is Protocol (Deed 15/Act 15)? "Protocol (Deed 15/Act 15)" means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer of the Design, the constructor, the engineer, etc., which establishes the suitability of the site to be accepted. For more information visit www.solicitorbulgaria.com id: 131 Thu, 20 Dec 2007 05:02:33 +0000 http://web.solicitorbulgaria.com/index.php/what-is-protocol-deed-15act-15 http://web.solicitorbulgaria.com/index.php/what-is-protocol-deed-15act-15 EUR http://web.solicitorbulgaria.com/index.php/what-is-protocol-deed-15act-15 legal 80 negotiable What is Protocol (Deed 14/Act 14)? info@solicitorbulgaria.com (SolicitorBulgaria) What is Protocol (Deed 14/Act 14)? "Protocol (Deed 14/Act 14)” means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer, the constructor, the engineer and etc., which establishes the suitability and approves the construction design. For more information visit http://www.solicitorbulgaria.com id: 130 What is Protocol (Deed 14/Act 14)? "Protocol (Deed 14/Act 14) means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer, the constructor, the engineer and etc., which establishes the suitability and approves the construction design. For more information visit www.solicitorbulgaria.com id: 130 Thu, 20 Dec 2007 05:00:55 +0000 http://web.solicitorbulgaria.com/index.php/what-is-protocol-deed-14act-14 http://web.solicitorbulgaria.com/index.php/what-is-protocol-deed-14act-14 EUR http://web.solicitorbulgaria.com/index.php/what-is-protocol-deed-14act-14 legal 80 negotiable What is the meaning of Permits according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of Permits according to the Bulgarian law? "Permits" means any consents, permits, verifications, licenses, acts and protocols during the construction works, reports andregistrations, necessary for starting and completion the construction works for the Site and its entering into exploitation. For more information visit http://www.solicitorbulgaria.com id: 129 What is the meaning of Permits according to the Bulgarian law? "Permits" means any consents, permits, verifications, licenses, acts and protocols during the construction works, reports andregistrations, necessary for starting and completion the construction works for the Site and its entering into exploitation. For more information visit www.solicitorbulgaria.com id: 129 Thu, 20 Dec 2007 04:59:50 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-permits-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-permits-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-permits-according-to-the-bulgarian-law legal 80 negotiable What is the meaning of Architect’s drawings or designs according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of Architect’s drawings/designs according to the Bulgarian law?“Architect’s drawings/designs” means the investment designs in their completeness, including drawings, an explanatory note, calculations, which are coordinated and approved by the competent authorities and in accordance to which the construction of the Development shall be performed. For more information visit http://www.solicitorbulgaria.com id: 128 What is the meaning of Architect s drawings/designs according to the Bulgarian law? Architect s drawings/designs means the investment designs in their completeness, including drawings, an explanatory note, calculations, which are coordinated and approved by the competent authorities and in accordance to which the construction of the Development shall be performed. For more information visit www.solicitorbulgaria.com id: 128 Wed, 19 Dec 2007 03:12:07 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-architects-drawings-or-designs-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-architects-drawings-or-designs-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-architects-drawings-or-designs-according-to-the-bulgarian-law legal 80 negotiable What is Handover date or Delivery date? info@solicitorbulgaria.com (SolicitorBulgaria) What is Handover date/Delivery date?"Handover date/Delivery date" means the specified by the Parties date after signing the Notary Deed, on which the executed construction works and the possession of the Apartment are to be handed over by the Seller to the Buyer and accepted by the Buyer, ready for occupation. For more information visit http://www.solicitorbulgaria.com id: 127 What is Handover date/Delivery date?"Handover date/Delivery date" means the specified by the Parties date after signing the Notary Deed, on which the executed construction works and the possession of the Apartment are to be handed over by the Seller to the Buyer and accepted by the Buyer, ready for occupation. For more information visit www.solicitorbulgaria.com id: 127 Wed, 19 Dec 2007 03:11:16 +0000 http://web.solicitorbulgaria.com/index.php/what-is-handover-date-or-delivery-date http://web.solicitorbulgaria.com/index.php/what-is-handover-date-or-delivery-date EUR http://web.solicitorbulgaria.com/index.php/what-is-handover-date-or-delivery-date legal 80 negotiable What is Protocol? info@solicitorbulgaria.com (SolicitorBulgaria) What is Protocol? "Protocol" means the protocol, which is to be signed by the Buyer and the Seller and which proves the handover of the completed construction works, the Stage of completeness of the Apartment and the quality of the completed construction works. For more information visit http://www.solicitorbulgaria.com id: 126 What is Protocol? "Protocol" means the protocol, which is to be signed by the Buyer and the Seller and which proves the handover of the completed construction works, the Stage of completeness of the Apartment and the quality of the completed construction works. For more information visit www.solicitorbulgaria.com id: 126 Wed, 19 Dec 2007 03:08:11 +0000 http://web.solicitorbulgaria.com/index.php/what-is-protocol http://web.solicitorbulgaria.com/index.php/what-is-protocol EUR http://web.solicitorbulgaria.com/index.php/what-is-protocol legal 80 negotiable What is Purchase price? info@solicitorbulgaria.com (SolicitorBulgaria) What is Purchase price? “Purchase price” means the amount set forth in the Preliminary agreement, payable within the time limits and in the way as set forth in the Preliminary agreement and which price shall be included in the Final agreement as a purchase price of the Apartment. For more information visit http://www.solicitorbulgaria.com id: 125 What is Purchase price? Purchase price means the amount set forth in the Preliminary agreement, payable within the time limits and in the way as set forth in the Preliminary agreement and which price shall be included in the Final agreement as a purchase price of the Apartment. For more information visit www.solicitorbulgaria.com id: 125 Wed, 19 Dec 2007 03:07:17 +0000 http://web.solicitorbulgaria.com/index.php/what-is-purchase-price http://web.solicitorbulgaria.com/index.php/what-is-purchase-price EUR http://web.solicitorbulgaria.com/index.php/what-is-purchase-price legal 80 negotiable What is the meaning of Service Areas according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of Service Areas according to the Bulgarian law? "Service Areas" means the areas situated on the Site, which may represent separate units in the Site, owned by the Seller or a third party, and the areas situated on the External Areas designated for the common use of the dwellers of the Site and/or by the public at large free of charge or against payment. For more information visit http://www.solicitorbulgaria.com id: 124 What is the meaning of Service Areas according to the Bulgarian law? "Service Areas" means the areas situated on the Site, which may represent separate units in the Site, owned by the Seller or a third party, and the areas situated on the External Areas designated for the common use of the dwellers of the Site and/or by the public at large free of charge or against payment. For more information visit www.solicitorbulgaria.com id: 124 Wed, 19 Dec 2007 03:06:33 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-service-areas-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-service-areas-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-service-areas-according-to-the-bulgarian-law legal 80 negotiable What is the meaning of External Areas according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of External Areas according to the Bulgarian law? "External Areas" means all those areas located upon the Land Plot within the Complex but outside the Site. For more information visit http://www.solicitorbulgaria.com id: 123 What is the meaning of External Areas according to the Bulgarian law? "External Areas" means all those areas located upon the Land Plot within the Complex but outside the Site. For more information visit www.solicitorbulgaria.com id: 123 Wed, 19 Dec 2007 03:04:57 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-external-areas-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-external-areas-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-external-areas-according-to-the-bulgarian-law legal 80 negotiable What is the meaning of Common Areas of the Site according to the Bulgarian law? info@solicitorbulgaria.com (SolicitorBulgaria) What is the meaning of Common Areas of the Site according to the Bulgarian law? "Common Areas of the Site" means all those areas within the total built-up constructed area of the Site, below the surface and above (including any structures, additions, amendments and modifications thereto which may be added or executed from time to time), which are designated for the common use and are not Service Areas. For more information visit http://www.solicitorbulgaria.com id: 122 What is the meaning of Common Areas of the Site according to the Bulgarian law? "Common Areas of the Site" means all those areas within the total built-up constructed area of the Site, below the surface and above (including any structures, additions, amendments and modifications thereto which may be added or executed from time to time), which are designated for the common use and are not Service Areas. For more information visit www.solicitorbulgaria.com id: 122 Wed, 19 Dec 2007 03:04:10 +0000 http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-common-areas-of-the-site-according-to-the-bulgarian-law http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-common-areas-of-the-site-according-to-the-bulgarian-law EUR http://web.solicitorbulgaria.com/index.php/what-is-the-meaning-of-common-areas-of-the-site-according-to-the-bulgarian-law legal 80 negotiable What is Built-up Apartment Area? info@solicitorbulgaria.com (SolicitorBulgaria) "Built-up Apartment Area" means the area limited by the external constructional outlines of the external walls of the Apartment and the axis lines of the partitioning walls to the neighbouring apartments or the common areas in the building, together with the total area of the terraces and balconies, calculated on the basis of their external constructional outlines. For more information visit http://www.solicitorbulgaria.com id: 121 "Built-up Apartment Area" means the area limited by the external constructional outlines of the external walls of the Apartment and the axis lines of the partitioning walls to the neighbouring apartments or the common areas in the building, together with the total area of the terraces and balconies, calculated on the basis of their external constructional outlines. For more information visit www.solicitorbulgaria.com id: 121 Wed, 19 Dec 2007 03:03:24 +0000 http://web.solicitorbulgaria.com/index.php/what-is-built-up-apartment-area http://web.solicitorbulgaria.com/index.php/what-is-built-up-apartment-area EUR http://web.solicitorbulgaria.com/index.php/what-is-built-up-apartment-area legal 80 negotiable What is Total Apartment Area? info@solicitorbulgaria.com (SolicitorBulgaria) "Total Apartment Area" means the area limited by the external constructional outlines of the external walls of the Apartment and the axis lines of the partitioning walls to the neighbouring apartments or the common areas in the building, together with the total area of the terraces and balconies, calculated on the basis of their external constructional outlines, together with the areacorresponding with the respective shares in the common areas of the building. For more information visit http://www.solicitorbulgaria.com id: 120 "Total Apartment Area" means the area limited by the external constructional outlines of the external walls of the Apartment and the axis lines of the partitioning walls to the neighbouring apartments or the common areas in the building, together with the total area of the terraces and balconies, calculated on the basis of their external constructional outlines, together with the areacorresponding with the respective shares in the common areas of the building. For more information visit www.solicitorbulgaria.com id: 120 Wed, 19 Dec 2007 03:01:49 +0000 http://web.solicitorbulgaria.com/index.php/what-is-total-apartment-area http://web.solicitorbulgaria.com/index.php/what-is-total-apartment-area EUR http://web.solicitorbulgaria.com/index.php/what-is-total-apartment-area legal 80 negotiable What is Final agreement? info@solicitorbulgaria.com (SolicitorBulgaria) “Final agreement” means the sale and purchase agreement of an Apartment, land or house, concluded in the form of a notary deed (Notary deed) within the time limits and in compliance with the requirements under the Preliminary agreement. For more information visit http://www.solicitorbulgaria.com id: 119 Final agreement means the sale and purchase agreement of an Apartment, land or house, concluded in the form of a notary deed (Notary deed) within the time limits and in compliance with the requirements under the Preliminary agreement. For more information visit www.solicitorbulgaria.com id: 119 Wed, 19 Dec 2007 03:01:18 +0000 http://web.solicitorbulgaria.com/index.php/what-is-final-agreement http://web.solicitorbulgaria.com/index.php/what-is-final-agreement EUR http://web.solicitorbulgaria.com/index.php/what-is-final-agreement legal 80 negotiable What is Apartment? info@solicitorbulgaria.com (SolicitorBulgaria) "Apartment" means a differentiated apartment within the building of the Development, described in the Preliminary agreement concluded between the Buyer and the Seller, together with the adjoining common areas and the respective construction or ownership right over the Land plot. For more information visit http://www.solicitorbulgaria.com id: 116 "Apartment" means a differentiated apartment within the building of the Development, described in the Preliminary agreement concluded between the Buyer and the Seller, together with the adjoining common areas and the respective construction or ownership right over the Land plot. For more information visit www.solicitorbulgaria.com id: 116 Wed, 19 Dec 2007 02:48:52 +0000 http://web.solicitorbulgaria.com/index.php/what-is-apartment http://web.solicitorbulgaria.com/index.php/what-is-apartment EUR http://web.solicitorbulgaria.com/index.php/what-is-apartment legal 80 negotiable